Posts tagged ‘Amarillo Gold Corporation (AGC)’

Assays from a single infill hole continued Premium Exploration’s TSXV:PEM findings of long mineralized intervals at the Idaho gold project’s Friday zone. Results released February 19 show:

0.57 grams per tonne gold over 304.8 metres

(including 1.11 g/t over 111.25 metres).

True width is estimated at 75%. No bottom cutoff or topcut were applied. The interval started at surface.

The assays “appear to be consistent with the resource and previously released core holes drilled in this area,” Premium stated. But this hole was drilled with a reverse circulation rig to determine whether lower-cost RC work could replace diamond drilling. Still pending is a QA/QC analysis to compare results with previous holes. Then the company will decide which equipment to use for the rest of the infill program.

an inferred category of 5.9 million tonnes averaging 0.77 g/t for 146,000 ounces.

The near-surface resource could be amenable to open pit mining and features sulphide mineralization, Premium states. Last winter’s program drilled about 8,000 metres within the one-kilometre resource as well as along strike, with hopes of expanding the pit to 1.7 kilometres.

Two other zones on the 18,000-hectare project have non-compliant resources. Using a 0.4 g/t cutoff, the Buffalo Gulch deposit’s historic, non-43-101 resource shows:

an indicated category of 4.8 million tonnes averaging 0.8 g/t for 111,000 ounces.

Also using a 0.4 g/t cutoff, the Deadwood deposit’s historic, non-43-101 resource shows:

an indicated category of 1.6 million tonnes averaging 0.75 g/t for 39,000 ounces

Both Buffalo Gulch and Deadwood have expansion potential along strike and at depth, according to Premium.

In December the company announced that a ground-based IP survey had identified a new target at the X zone with characteristics “similar to those associated with the three known deposits.” That marks the project’s 12th target, most of which have yet to be drilled.

President/CEO Buddy Doyle remarked, “The Lavras do Sul project is comprised of more than 19 prospects centred on old gold workings or geochemical anomalies over a 12 kilometre by 7 kilometre area. Amarillo’s plan is to systematically drill test each of these prospects; the Butia and Cerrito prospects are the first two to be systematically drilled. The company’s strategy is to establish sufficient resources in a series of different prospects to justify the construction of a central processing plant. The discovery of the extra gold zones at Cerrito is great news and a resource estimate is planned for Cerrito once further drilling is completed in order to obtain a better understanding of the full dimension and grade of all of the mineralized zones.”